China BAK Battery (CBAK) Slammed As Google Phone Rumor Denied

Shares of China BAK Battery, Inc. (Nasdaq: CBAK), which ran up 63% yesterday on a rumor they would make the battery for the pending Google Inc. (NASDAQ: GOOG) Nexus One smartphone, is down 25% today after denying it.

Tracy Li, investor relations manager for the Shenzhen-based company, told Bloomberg News the company has no non-public information to disclose and she has not heard of any information that the company won a contract to supply batteries for use in a Google Inc. smartphone and is not aware of the reason for the company's share price rise.

StreetInsider.com reported on the rumor yesterday, questioning its validity.

Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php

You May Also Be Interested In

• Humana (HUM) surges on Q1 beat, reiterated adjusted earnings outlook
• Tesla (TSLA) soars on Q1 print
• VinFast (VFS) agrees deals with 12 new car dealers in US, stock jumps